Bitcoin seems to have left behind the bearish pressures that, with ups and downs, it has been having during the last month and a half.
In barely six days, Bitcoin has risen from $9,400 to $12,245, its current level. This represents a 24% increase.
The Bitcoin´s bearish channel has been just broken, and it couldn´t have done it better. BTC broke it and flipped the upper band of the channel from resistance to support with a small retracement. Then, it continued rising until R1.
Now, there are two potential scenarios:
- Bullish. BTC retraces to S1 to thereafter attack R2 at around $13,000
- Bearish. The pull-back is larger and the price retraces to S2.
In barely six days, Bitcoin has risen from $9,400 to $12,245, its current level. This represents a 24% increase.
The Bitcoin´s bearish channel has been just broken, and it couldn´t have done it better. BTC broke it and flipped the upper band of the channel from resistance to support with a small retracement. Then, it continued rising until R1.
Now, there are two potential scenarios:
- Bullish. BTC retraces to S1 to thereafter attack R2 at around $13,000
- Bearish. The pull-back is larger and the price retraces to S2.